One year on from the launch of its first venture debt fund for UK technology firms and innovative companies, Barclays has announced it is extending the fund to £200million as part of its commitment to fund innovative scale-ups.

Barclays has seen huge take up from businesses and since launching in May last year has provided £100million in earlier stage financing support to nearly 40 companies.

Barclays is continuing to build its help and support to high growth companies and entrepreneurs right across the UK, and says it is the only mainstream UK bank to offer high growth businesses and their founders debt funding at this early stage.

The fund is designed to provide access to debt finance; commonly available in the US, but conventionally unavailable to UK businesses. Debt finance provides an alternative to selling equity, enabling entrepreneurs to retain control of development and concentrate instead on accelerated growth. Barclays' fund is designed to enable technology firms and innovative companies to leapfrog the average 15 year gap between launch as a start-up and consolidation as a mid-size corporate.

Fast growing businesses of this type have traditionally struggled to gain sufficient financing. The Barclays High Growth fund aims to solve this challenge and promote increased growth in the UK's digital economy.

Jane Galvin, man

aging director, East and South East Corporate Banking at Barclays, said: "Our research shows that the number of high growth businesses fell last year and we are determined to do everything we can to ensure fast growing businesses don't miss out, which is why we are extending our own High Growth fund for scale ups to £200million. By backing brave entrepreneurs who in turn create jobs and add valuable skills to the UK economy, we can champion future innovators."